In lieu of using the Trial Balance Worksheet to prepare the financial statements,an accountant can use the:

Question

Quizplus · Accepted Answer

The ledger contains all the accounts and their balances, providing the necessary information to directly prepare the financial statements without the need for a Trial Balance Worksheet. The journal records transactions chronologically and does not provide the account balances necessary for financial statement preparation. Prior period financial statements and audit reports may be used for reference and comparison but do not provide the current balances required for financial statement preparation.

In Lieu of Using the Trial Balance Worksheet to Prepare